As crypto becomes more and more popular, it sees a greater and greater adoption across the world. Why not make it more inclusive? I thought I would take a look at Bitcoin and Satoshi, two names for the same thing, well sort of.
This is by far the most known of all cryptocurrencies. And I would argue that it at least in some countries has become a household name. This is despite most households not using it or owning it. This is the absolute strongest argument for Bitcoin in my book. The fact that is it a known "brand" and a household name to many already.
And Bitcoin is also the frontrunner when it comes to market cap. Sitting normally at around twice that of Ethereum, which is in second place. And this is the reason people say where Bitcoin goes the sets of the crypto follow.
The baby brother/sister of Bitcoin. Why so, because this is the name of the smallest part of a Bitcoin. 0.00000001 Bitcoin is what is called a Satoshi, named so after Bitcoins creator.
In crypto circles at least Satoshi is probably used more than Bitcoin. At least when it comes to transactions. _And the number of people who ownsSatoshis compared to Bitcoins is also more.
Bitcoin vs Satoshi
As crypto becomes more and more popular across the globe and adoption rates increases. This will probably inevitably drive up the prices of many of the cryptocurrencies. Especially Bitcoin. And there is manny who thinks we will easily pass $100k in value per Bitcoin in the next bull run. And probably a million in the next one or the one after that.
And this will inevitably put the ability to acquire 1 $BTC, or Bitcoin, well without of reach for most people. Currently, there are a total of 2,121 wallets that each holds 1,000 Bitcoins or more. Meaning they alone account for over 10% of the total supply of Bitcoins that ever will be available. As the total amount of Bitcoins is capped out at ~21 million.
Source: lookintobitcoin.com
If we then add on the number of wallets, minis the big wallets, that have 100 Bitcoins or more. This will give us a total of 13,775 additional wallets each holding 100 or more Bitcoins. That is an additional 6,6% of the total supply. And mind you the numbers are only done with the lowest amount.
This means that the about bulk of people will never really have 1 Bitcoin. But they will be able to have 1 or more Satoshis. And this I would argue is the biggest reason for switching from Bitcoin to Satoshi. The total supply of Bitcoin is "only" ~21,000,000. But the total supply of Satoshis is ~2,100,000,000,000,000, however many that is. 8 zeroes more added to the 21 million.
While this switch does not impact the value or the fact that most of it will be HODLd by few people. It does increase its usability for the rest of us. As the fact already is that most people are already sending satoshis instead of whole Bitcoins. So why not change the name to better reflect everyday use? And do away with the false scarcity.
And the faster we make the name switch the better, as that would lessen the impact of such a switch.
What are your thoughts on this, should we switch from Bitcoin to Satoshi instead? If you are leaning either way please share your thoughts on why in the comment section down below.
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